C-Quadrat net profit jumps 152% in 1H 2015 - we lift our 2015 forecast (Rating upgrade to Buy, still 52 Euros target)

(PresseBox) ( Frankfurt, )
SRC Research, the independent analysts' house for Financial and Real Estate Stocks, today publishes a rating update for the Austrian asset manager C-Quadrat. The C-Quadrat group has more than Euro 5.2bn Assets under Management (AuM) as per year-end 2014. The AuM steeply increased to more than Euro 5.7bn as of June 2015.

Today, the company published impressive 1H 2015 numbers with revenues and profits at record levels - like in the very good 2014 fiscal year. The company managed again to exploit the benign capital markets to gather extremely high performance fees, although we have to state that the performance fees have been much higher in the first quarter of 2015 than in the second quarter. The performance fees stood for 51% of C-Quadrat's total fee commissions in the first half of the year. The group's top-line of management and performance fees surged by 42% from Euro 40.4m in 1H 2014 to Euro 57.4m in 1H 2015. The net profit after minorities even rocketed by 152% from Euro 7.2m to Euro 18.2m thanks to a continued cost discipline and flattish personnel expenses.


After the very good first six months we might assume that our full year 2015 forecast is a bit too low. We lift our revenues projection from Euro 84.5m to Euro 88.2m. A range of Euro 84m to Euro 90m is the most realistic scenario in our view. In this scenario we did not calculate in a higher amount of performance fees. For the net profit after minorities we also lift our projection from Euro 21.9m to Euro 23.8m. The most realistic range is between Euro 22m and Euro 24m. This would translate into a slight increase of bottom line after the 2014 record level (Euro 21.8m).


We confirm our Euro 52.00 target price. With these 1H numbers C-Quadrat delivered a good base for another record year in 2015. We also like the company for further expanding the product portfolio with new Alternative Fixed Income funds. Despite the favourable operating performance the C-Quadrat share slumped 20% in the last four weeks. For this reason we upgrade our recommendation from Accumulate to Buy. For any queries regarding our C-Quadrat research update please do not hesitate to contact us.
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